Soybeans firm on higher oil prices; wheat, corn gain

SINGAPORE: Chicago soybeans rose on Thursday, trading close to a nine-month high on the back of rising oil prices, even though uncertainty over Chinese demand curbed gains.

Wheat recouped some of last session’s losses, but ample global supplies and improved US weather kept a lid on prices.

“Soybean market is very comfortable with supplies, but oil is the key driver here,” said one Singapore-based oilseed trader.

The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.3% to $11.72-1/2 a bushel, as of 0356 GMT.

Soybeans climbed to their highest since mid-June earlier this week.

Oil prices rose amid growing concern over the prolonged closure of the Strait of Hormuz, as the US-Iran war chokes off vital Middle East oil and gas flows while production facilities limit output.

Elevated crude oil prices driven by the conflict have continued to provide support to grains and oilseeds, as crops are widely used in biofuel production.

Uncertainty over further Chinese demand for US soybeans is weighing on prices, as many market players are sceptical that China will make additional US purchases amid Brazil’s bumper harvest.

Wheat added 0.6% to $5.71-1/2 a bushel, having closed down 1% on Wednesday and corn gained 0.2% to $4.44-1/2 a bushel. Rains across the US winter wheat belt and parts of the Midwest are providing ideal weather for the wheat crop as it emerges from dormancy, boosting crop production prospects in an amply supplied global market.

The corn market remained underpinned by brisk US exports.

The US Department of Agriculture confirmed private sales of 196,000 metric tons of corn for shipment to unknown destinations in the 2025/26 marketing year.